ADX Energy Ltd (ASX: $ADX) Operations Update

ADX Energy Ltd (ASX: $ADX) has announced an operations update for its Austrian appraisal, exploration, and testing program. The company plans to drill the Anshof-2A oil appraisal well in September, followed by a gas exploration well in October 2024. Additionally, Welchau-1 data evaluation, planning, and permitting are underway in preparation for production testing during Q4 2024.

Executive Commentary on Operations Update

An exceptional gas and condensate discovery at Welchau, the installation of permanent oil production at the Anshof field, and a successful capital raising program have positioned ADX for a period of well-funded and transformational activity during the second half of 2024. The Company can look forward to production testing the large hydrocarbon column encountered at Welchau, the drilling of an appraisal well to build oil production at Anshof, as well as the drilling of a high-impact gas exploration prospect within its extensive Austrian portfolio located in the heart of energy-starved Europe.

Summary of ADX Energy Ltd's Operations Update

ADX Energy Ltd (ASX: $ADX) is set to drill the Anshof-2A oil appraisal well and a gas exploration well in its Austrian licences. The company aims to target thick Eocene reservoirs with the Anshof-2A well and plans to tie it into the Anshof permanent production facility. The gas exploration well is expected to target high productivity gas reservoirs proximal to gas infrastructure. Additionally, the company is evaluating the data from the Welchau-1 exploration well and preparing for production testing during Q4 2024. ADX's Executive Chairman, Mr. lan Tchacos, expressed optimism about the upcoming activities, highlighting the potential for a period of well-funded and transformational activity. The company's extensive Austrian portfolio positions it strategically in energy-starved Europe, and the upcoming drilling and testing activities are expected to be pivotal for ADX's future endeavors.